Kim Law Group, P.C. is a law firm serving Long Beach, Los Angeles, Orange and Riverside, California that provides help when you are considering whether to file for bankruptcy. Filing for bankruptcy gives you the chance to start over with a fresh start, and we will look over your income, assets, and expenses to help you determine your best path toward receiving a clean slate.
To this end, we represent clients in need of Chapter 7, 13 and 11 bankruptcy representation.
Chapter 7 Bankruptcy
Clients who may be able to qualify for a Chapter 7 bankruptcy include individuals, corporations, partnerships and other business entities. While a Chapter 7 bankruptcy cannot eliminate all forms of debt, most debts can be discharged. Examples of debt that can be wiped out with our assistance in a Chapter 7 bankruptcy include:
- Credit card debt
- Personal loans
- Business debts
- Accident claims
- Utility bills
- Fees paid to attorneys
- Dishonored checks
- And more
Do note that your property could be subjected to liens and mortgages under Chapter 7, depending on the facts and circumstances involved. As such, it is important to discuss your case with us to determine whether Chapter 7 or filing through another chapter of the Bankruptcy Code is right for you.
Chapter 13 Bankruptcy
Any individual — including anyone who is self-employed or who operates an unincorporated business — may file for Chapter 13 bankruptcy if certain financial conditions are met. Namely, you are eligible to file for Chapter 13 relief if unsecured debts are less than $394,725 and secured debts are less than $1,184,200. These amounts can be periodically adjusted to reflect the latest changes in the consumer price index, so we will make sure to inform you of the latest information and your Chapter 13 filing options.
If you are eligible to file for Chapter 13, this form of bankruptcy effectively restructures your debt into an affordable payment plan. The payment plan will be based on your individual income, and you will be able to keep important assets such as your home or commercial buildings. Typically, this form of bankruptcy will put you on a payment plan that discharges your debts within three to five years.
As such, this option is best for those who earn a steady income and wish to avoid foreclosure on their property.
Chapter 11 Bankruptcy
This form of bankruptcy applies most often for those with significant business debts. However, individuals can also file for Chapter 11, although it is most often used by small businesses, sole proprietorships, corporations and partnerships who need to reorganize.
Filing for Chapter 11 is beneficial in that businesses can continue operating without making security and interest payments on a debt. A Chapter 11 plan can involve downsizing operations to reorganize and free up key assets. Alternatively, a liquidation plan may be more beneficial for businesses prepared to make a total shutdown of operations.
We will help you create a detailed Chapter 11 strategy that keeps your best interests in mind.